Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Jun. 29, 2019 | Aug. 09, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | TECHNICAL COMMUNICATIONS CORP | |
Entity Central Index Key | 0000096699 | |
Trading Symbol | tcco | |
Current Fiscal Year End Date | --09-28 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 1,850,403 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 29, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Jun. 29, 2019 | Sep. 29, 2018 |
Current Assets: | ||
Cash and cash equivalents | $ 764,786 | $ 1,982,434 |
Accounts receivable - trade | 44,358 | 559,493 |
Inventories, net | 1,082,338 | 1,368,696 |
Other current assets | 122,814 | 142,279 |
Total current assets | 2,014,296 | 4,052,902 |
Equipment and leasehold improvements | 4,591,756 | 4,578,501 |
Less: accumulated depreciation and amortization | (4,547,830) | (4,529,298) |
Equipment and leasehold improvements, net | 43,926 | 49,203 |
Total Assets | 2,058,222 | 4,102,105 |
Current Liabilities: | ||
Accounts payable | 318,186 | 187,958 |
Deferred revenue | 337,939 | 2,106,514 |
Accrued liabilities: | ||
Accrued compensation and related expenses | 191,406 | 220,544 |
Customer deposits | 21,082 | 35,628 |
Other current liabilities | 14,421 | 18,405 |
Total current liabilities | 883,034 | 2,569,049 |
Commitments and contingencies | ||
Stockholders’ Equity: | ||
Common stock, par value $0.10 per share; 7,000,000 shares authorized; 1,850,403 shares issued and outstanding at June 29, 2019 and September 29, 2018 | 185,041 | 185,041 |
Additional paid-in capital | 4,177,451 | 4,134,371 |
Accumulated deficit | (3,187,304) | (2,786,356) |
Total stockholders’ equity | 1,175,188 | 1,533,056 |
Total Liabilities and Stockholders’ Equity | $ 2,058,222 | $ 4,102,105 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 29, 2019 | Sep. 29, 2018 |
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, authorized (in shares) | 7,000,000 | 7,000,000 |
Common stock, issued (in shares) | 1,850,403 | 1,850,403 |
Common stock, outstanding (in shares) | 1,850,403 | 1,850,403 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Net revenue | $ 1,234,662 | $ 907,177 | $ 4,275,475 | $ 2,547,672 |
Cost of revenue | 789,350 | 712,719 | 2,631,507 | 1,818,462 |
Gross profit | 445,312 | 194,458 | 1,643,968 | 729,210 |
Operating expenses: | ||||
Selling, general and administrative | 731,728 | 522,097 | 1,871,659 | 1,513,052 |
Product development | 43,092 | 124,234 | 186,785 | 442,470 |
Total operating expenses | 774,820 | 646,331 | 2,058,444 | 1,955,522 |
Operating loss | (329,508) | (451,873) | (414,476) | (1,226,312) |
Other income: | ||||
Interest income | 3,543 | 2,118 | 13,528 | 5,601 |
Net loss | $ (325,965) | $ (449,755) | $ (400,948) | $ (1,220,711) |
Net loss per common share: | ||||
Basic (in dollars per share) | $ (0.18) | $ (0.24) | $ (0.22) | $ (0.66) |
Diluted (in dollars per share) | $ (0.18) | $ (0.24) | $ (0.22) | $ (0.66) |
Weighted average shares: | ||||
Basic (in shares) | 1,850,403 | 1,849,025 | 1,850,403 | 1,845,706 |
Diluted (in shares) | 1,850,403 | 1,849,025 | 1,850,403 | 1,845,706 |
Net revenue | $ 1,234,662 | $ 907,177 | $ 4,275,475 | $ 2,547,672 |
Cost of revenue | 789,350 | 712,719 | 2,631,507 | 1,818,462 |
Gross profit | 445,312 | 194,458 | 1,643,968 | 729,210 |
Engineering Services [Member] | ||||
Net revenue | 952,602 | 758,670 | 2,819,676 | 2,218,375 |
Cost of revenue | 662,602 | 573,028 | 1,994,102 | 1,424,384 |
Weighted average shares: | ||||
Net revenue | 952,602 | 758,670 | 2,819,676 | 2,218,375 |
Cost of revenue | 662,602 | 573,028 | 1,994,102 | 1,424,384 |
Equipment Sales [Member] | ||||
Net revenue | 282,060 | 148,507 | 1,455,799 | 329,297 |
Cost of revenue | 126,748 | 139,691 | 637,405 | 394,078 |
Weighted average shares: | ||||
Net revenue | 282,060 | 148,507 | 1,455,799 | 329,297 |
Cost of revenue | $ 126,748 | $ 139,691 | $ 637,405 | $ 394,078 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Operating Activities: | ||
Net loss | $ (400,948) | $ (1,220,711) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 21,498 | 38,384 |
Stock-based compensation | 43,080 | 18,416 |
Amortization of premium on held to maturity securities | 10,253 | |
Payment of tax on exercise of stock options | (33,870) | |
Changes in certain operating assets and liabilities: | ||
Accounts receivable | 515,135 | 132,270 |
Inventories | 286,358 | (140,777) |
Other current assets | 19,465 | (36,216) |
Customer deposits | (14,546) | (795) |
Deferred revenue | (1,768,575) | 1,042,675 |
Accounts payable and other accrued liabilities | 97,106 | 47,868 |
Net cash used in operating activities | (1,201,427) | (142,503) |
Investing Activities: | ||
Additions to equipment and leasehold improvements | (16,221) | (43,662) |
Proceeds from maturities of marketable securities | 350,000 | |
Net cash (used in) provided by investing activities | (16,221) | 306,338 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (1,217,648) | 163,835 |
Cash, cash equivalents and restricted cash at beginning of the period | 1,982,434 | 1,296,603 |
Cash, cash equivalents and restricted cash at end of the period | 764,786 | 1,460,438 |
Supplemental Disclosures: | ||
Income taxes paid | $ 912 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance (in shares) at Sep. 30, 2017 | 1,839,877 | |||
Cashless exercise of stock options (in shares) | 9,148 | |||
Ending balance (in shares) at Jun. 30, 2018 | 1,849,025 | |||
Beginning balance at Sep. 30, 2017 | $ 183,988 | $ 4,139,002 | $ (1,306,757) | |
Cashless exercise of stock options | 915 | |||
Exercise of stock options | (915) | |||
Cashless exercise of stock options to pay taxes | (33,870) | |||
Stock-based compensation | 18,416 | |||
Net loss | (1,220,711) | $ (1,220,711) | ||
Ending balance at Jun. 30, 2018 | $ 184,903 | 4,122,633 | (2,527,468) | 1,780,068 |
Beginning balance (in shares) at Mar. 31, 2018 | 1,849,025 | |||
Cashless exercise of stock options (in shares) | ||||
Ending balance (in shares) at Jun. 30, 2018 | 1,849,025 | |||
Beginning balance at Mar. 31, 2018 | $ 184,903 | 4,114,597 | (2,077,713) | |
Cashless exercise of stock options | ||||
Exercise of stock options | ||||
Cashless exercise of stock options to pay taxes | ||||
Stock-based compensation | 8,036 | |||
Net loss | (449,755) | (449,755) | ||
Ending balance at Jun. 30, 2018 | $ 184,903 | 4,122,633 | (2,527,468) | 1,780,068 |
Beginning balance (in shares) at Sep. 29, 2018 | 1,850,403 | |||
Cashless exercise of stock options (in shares) | ||||
Ending balance (in shares) at Jun. 29, 2019 | 1,850,403 | |||
Beginning balance at Sep. 29, 2018 | $ 185,041 | 4,134,371 | (2,786,356) | 1,533,056 |
Cashless exercise of stock options | ||||
Exercise of stock options | ||||
Cashless exercise of stock options to pay taxes | ||||
Stock-based compensation | 43,080 | |||
Net loss | (400,948) | (400,948) | ||
Ending balance at Jun. 29, 2019 | $ 185,041 | 4,177,451 | (3,187,304) | 1,175,188 |
Beginning balance (in shares) at Mar. 30, 2019 | 1,850,403 | |||
Cashless exercise of stock options (in shares) | ||||
Ending balance (in shares) at Jun. 29, 2019 | 1,850,403 | |||
Beginning balance at Mar. 30, 2019 | $ 185,041 | 4,151,955 | (2,861,339) | |
Cashless exercise of stock options | ||||
Exercise of stock options | ||||
Cashless exercise of stock options to pay taxes | ||||
Stock-based compensation | 25,496 | |||
Net loss | (325,965) | (325,965) | ||
Ending balance at Jun. 29, 2019 | $ 185,041 | $ 4,177,451 | $ (3,187,304) | $ 1,175,188 |
Note 1 - Description of the Bus
Note 1 - Description of the Business and Basis of Presentation | 9 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. Description of the Business and Basis of Presentation Company Operations Technical Communications Corporation (“TCC”) was incorporated in Massachusetts in 1961; 1982. one 115 Interim Financial Statements The accompanying unaudited consolidated financial statements of Technical Communications Corporation and its wholly-owned subsidiary include all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial position and results of operations for the periods presented and in order to make the financial statements not not September 28, 2019. The September 29, 2018 September 29, 2018 10 September 29, 2018 September 29, 2018 10 June 24, 2019. The Company restated its unaudited consolidated financial statements as of and for the three nine June 30, 2018 10 June 24, 2019; three nine June 30, 2018 10 The Company follows accounting standards set by the Financial Accounting Standards Board, commonly referred to as the FASB. The FASB sets generally accepted accounting principles (“GAAP”) that the Company follows to ensure it consistently reports its financial condition, results of operations, and cash flows. References to GAAP issued by the FASB in these footnotes are to the FASB Accounting Standards Codification TM Liquidity and Ability to Continue as a Going Concern The Company has suffered recurring losses from operations and had an accumulated deficit of $3,187,000 June 29, 2019. one not The Company anticipates that its principal sources of liquidity will only be sufficient to fund activities to March 2020. In order to have sufficient capital resources to fund operations, the Company has been working diligently to secure several large orders with new and existing customers. In addition, the Company is also pursuing raising capital. Although the Company believes its ability to secure such new business or raise new capital is likely, the Company cannot provide assurances it will be able to do so. Should the Company be unsuccessful in these efforts, it would then be forced to implement headcount reductions, employee furloughs and/or reduced hours for certain employees or cease operations completely. Reporting Period The Company’s by-laws call for its fiscal year to end on the Saturday closest to the last day of September, Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of TCC and its wholly-owned subsidiary. All significant intercompany accounts and transactions have been eliminated in consolidation. The discussion and analysis of the Company’s financial condition and results of operations are based on the unaudited consolidated financial statements, which have been prepared in accordance with GAAP. The preparation of these unaudited consolidated financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported revenues and expenses during the reporting periods. On an ongoing basis, management evaluates its estimates and judgments, including but not not may |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies and Significant Judgments and Estimates | 9 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] | NOTE 2. Summary of Significant Accounting Policies and Significant Judgments and Estimates The accounting policies that management believes are most critical to aid in fully understanding and evaluating the reported financial results include the following: Accounting Standards Recently Adopted - Revenue In May 2014, the FASB issued Accounting Standards Update (“ASU”) No. 2014 - 09, Revenue from Contracts with Customers (Topic 606 ), which superseded nearly all then-existing revenue recognition guidance. Subsequent to the issuance of Topic 606, the FASB clarified the guidance through several Accounting Standard Updates; the collection of such revenue guidance is referred to herein as “ASC 606”. The core principle of ASC 606 is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On September 30, 2018, the Company adopted ASC 606 using the modified retrospective method for all contracts. Results for reporting periods beginning September 30, 2018 are presented under ASC 606, while prior period amounts were not adjusted and continue to be reported in accordance with the Company’s historic accounting under Topic 605, Revenue Recognition. The adoption of ASC 606 did not have a significant impact on the Company’s unaudited consolidated financial statements as of and for the three and nine month periods ended June 29, 2019 and, as a result, comparisons of revenues and operating profit between periods are not affected by the adoption of this ASU. The adoption of ASC 606 did not change judgements or affect the determination of the amounts and timing of revenue, the timing of satisfaction of performance obligations, the transaction price or the amounts allocated to performance obligations. Refer to Note 3 for additional disclosures required by ASC 606. The Company’s products consist of communications security solutions for critical voice, data and video networks for military, government and corporate/industrial applications. The Company derives revenue primarily from the sale of secure communications equipment and the provision of long-term engineering services. The Company’s typical contracts with customers do not contain variable consideration. Revenue from long-term contracts for engineering services is generally recognized based upon the cost-to-cost measure of progress, provided that the Company meets the criteria associated with transferring control of the service over time. The Company transfers control of the service over time as the customer simultaneously receives and consumes the benefits provided by the Company’s performance. Long-term contracts for engineering services are fixed price contracts, which provide for monthly fixed payments. The transaction price is allocated based on the monthly costs incurred as compared to the total costs expected to be incurred. Revenue is recognized based on this allocation of the transaction price. We recognize revenue over time by measuring the progress toward complete satisfaction of the specific performance obligation using an input method that measures the costs incurred to date compared to the total costs expected to be incurred over the life of the contract. Management believes this method best depicts the Company’s performance in the transfer of services because it represents the level of effort expended in providing those services and appropriately reflects the value to the customer. Equipment sales revenue is recognized when control of the promised products is transferred to the Company’s customer, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those products or services (the transaction price). For product sales, control transfers to the customer at a point in time. To indicate the transfer of control, the Company must have a present right to payment, legal title must have passed to the customer, the customer must have the significant risks and rewards of ownership and, where acceptance is not a formality, the customer must have accepted the product. The Company typically establishes pricing for products principally based on its established price book and/or quoted prices. The Company’s principal terms of sale are free on board (“FOB”) shipping point (Company facilities), or equivalent, and, as such, the Company primarily transfers control and records revenue for product sales upon shipment. Sales arrangements with delivery terms that are not FOB shipping point (Company facilities) are not recognized upon shipment; rather, the transfer of control for revenue recognition is evaluated based on the associated shipping terms and customer obligations. If a performance obligation to the customer with respect to a sales transaction remains to be fulfilled following shipment (typically, installation or acceptance by the customer), revenue recognition for that performance obligation is deferred until such commitments have been fulfilled. Returns for products sold are estimated and recorded as a reduction of revenue at the time of sale. Product returns are estimated based on historical experience and known trends. Revenue for extended warranty, service and post-contract support is recognized based upon the period of time elapsed under the arrangement. Costs to Obtain and Fulfill a Contract The guidance in FASB ASC 340 - 40, Other Assets and Deferred Costs – Contracts with Customers provides additional capitalization, amortization and impairment requirements for certain costs associated with obtaining or fulfilling contracts subject to ASC 606. The Company’s costs incurred to fulfill contracts have been immaterial to date. Inventories The Company values its inventory at the lower of cost (based on the first -in, first -out method) to purchase and/or manufacture and net realizable value (based on the estimated selling prices, less reasonably predictable costs of completion, disposal, and transportation) of the inventory. The Company periodically reviews inventory quantities on hand and records a provision for excess and/or obsolete inventory based primarily on an estimated forecast of product demand, as well as historical usage. The Company evaluates the carrying value of inventory on a quarterly basis to determine whether the carrying value is in excess of net realizable value. To the extent that net realizable value is less than the associated carrying values, inventory carrying values are written down. In addition, the Company makes judgments as to future demand requirements and compares those with the current or committed inventory levels. Reserves are established for inventory levels that exceed expected future demand. It is possible that additional reserves above those already established may be required in the future if market conditions for the Company’s products should deteriorate. Accounts Receivable Accounts receivable are reduced by an allowance for amounts that may become uncollectible in the future. The estimated allowance for uncollectible amounts is based primarily on a specific analysis of accounts in the receivable portfolio and historical write-off experience. While management believes no allowance is currently needed, if the financial condition of the Company’s customers were to deteriorate, resulting in an impairment of their ability to make payments, additional allowances may be required, which would reduce net income. In addition, if the Company becomes aware of a customer’s inability to meet its financial obligations, a specific write-off is recorded in that amount. Fair Value Measurements In determining fair value measurements, the Company follows the provisions of FASB ASC 820, Fair Value Measurements and Disclosures . FASB ASC 820 defines fair value, establishes a framework for measuring fair value under GAAP and enhances disclosures about fair value measurements. The topic provides a consistent definition of fair value that focuses on an exit price, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The topic also prioritizes, within the measurement of fair value, the use of market-based information over entity-specific information and establishes a three -level hierarchy for fair value measurements based on the nature of inputs used in the valuation of an asset or liability as of the measurement date. At June 29, 2019 and September 29, 2018, the carrying amounts of cash and cash equivalents, accounts receivable, other current assets, accounts payable and accrued liabilities approximate fair value because of their short-term nature. The three -level hierarchy is as follows: Level 1 - Pricing inputs are quoted prices available in active markets for identical assets or liabilities as of the measurement date. Level 2 - Pricing inputs are quoted prices for similar assets or liabilities, or inputs that are observable, either directly or indirectly, for substantially the full term through corroboration with observable market data. Level 3 - Pricing inputs are unobservable for the assets or liabilities, that is, inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an asset’s or liability’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. The Company’s available for sale securities consist of mutual funds held in money market funds in a brokerage account, which are classified as cash equivalents and measured at fair value. The Company historically also has had held to maturity securities, comprised of investments in municipal bonds and carried at amortized cost, although TCC did not hold any such held to maturity securities at June 29, 2019 or September 29, 2018. The Company assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Company’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the nine month period ended June 29, 2019 and the fiscal year ended September 29, 2018, there were no transfers between levels. The following table sets forth by level, within the fair value hierarchy, the assets measured at fair value on a recurring basis as of June 29, 2019 and September 29, 2018, in accordance with the fair value hierarchy as defined above. As of June 29, 2019 and September 29, 2018, the Company did not hold any assets classified as Level 2 or Level 3. Total Quoted Prices in Active Markets for Identical Assets (Level 1) June 29, 2019 Cash Equivalents Mutual funds: Money market funds $ 432,363 $ 432,363 Total mutual funds 432,363 432,363 Total assets $ 432,363 $ 432,363 September 29, 2018 Cash Equivalents Mutual funds: Money market funds $ 1,020,039 $ 1,020,039 Total mutual funds 1,020,039 1,020,039 Total assets $ 1,020,039 $ 1,020,039 There were no assets or liabilities measured at fair value on a nonrecurring basis at June 29, 2019 or September 29, 2018. Stock-Based Compensation The following table summarizes stock-based compensation costs included in the Company’s consolidated statements of operations for the three and nine month periods ended June 29, 2019 and June 30, 2018: June 29, 2019 June 30, 2018 3 months 9 months 3 months 9 months Selling, general and administrative expenses $ 24,461 39,644 $ 7,596 17,352 Product development expenses 1,035 3,436 356 1,064 Total share-based compensation expense before taxes $ 25,496 $ 43,080 $ 7,952 $ 18,416 As of June 29, 2019, there was $160,187 of unrecognized compensation expense related to options outstanding. The unrecognized compensation expense will be recognized over the remaining requisite service period. As of June 29, 2019, the weighted average period over which the compensation expense is expected to be recognized is 3.8 years. As of June 29, 2019, there were 193,863 shares available for grant under the 2010 Equity Incentive Plan. The 2005 Non-Statutory Stock Option Plan has expired and options are no longer available for grant under such plan. The following table summarizes stock option activity during the first nine months of fiscal 2019: Options Outstanding Number of Shares Weighted Average Weighted Average Contractual Life Unvested Vested Total Exercise Price (in years) Outstanding, September 29, 2018 44,700 182,437 227,137 $ 8.50 3.76 Grants - - - Vested - - - Cancellations/forfeitures - (3,500 ) (3,500 ) 4.95 Outstanding, December 29, 2018 44,700 178,937 223,637 $ 8.50 3.51 Grants - - - Vested (6,300 ) 6,300 - Cancellations/forfeitures - (8,500 ) (8,500 ) 4.92 Outstanding, March 30, 2019 38,400 176,737 215,137 $ 8.70 3.45 Grants 34,500 6,000 40,500 3.58 Vested (2,400 ) 2,400 - Cancellations/forfeitures - (24,300 ) (24,300 ) 6.89 Outstanding, June 29, 2019 70,500 160,837 231,337 $ 8.00 4.24 Information related to the stock options vested and expected to vest as of June 29, 2019 is as follows: Range of Exercise Prices Number of Shares Weighted-Average Remaining Contractual Life (years) Weighted Average Exercise Price Exercisable Number of Shares Exercisable Weighted- Average Exercise Price $2.01 - $3.00 20,300 7.14 $ 2.69 9,800 $ 2.73 $3.01 - $4.00 46,500 9.78 3.61 7,200 3.61 $4.01 - $5.00 16,600 4.98 4.34 14,100 4.36 $5.01 - $10.00 37,000 4.45 7.75 28,600 7.89 $10.01 - $15.00 110,937 1.21 11.44 110,937 11.44 231,337 4.24 $ 8.00 170,637 $ 9.43 The aggregate intrinsic value of the Company’s “in-the-money” outstanding and exercisable options as of June 29, 2019 and June 30, 2018 was $15,390 and $15,270, respectively. Nonvested stock options are subject to the risk of forfeiture until the fulfillment of specified conditions. New Accounting Pronouncements ASU No. 2016 - 02, Leases In February 2016, the FASB issued guidance under ASU No. 2016 - 02, Leases , with respect to leases. This ASU requires an entity to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. This guidance offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. This guidance is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, and requires a modified retrospective adoption, with early adoption permitted. The Company is currently evaluating the potential impact this standard will have on its financial statements and related disclosure and believes that the most notable impact to the financial statements upon adoption will be the recognition of a right-of-use asset and a lease liability for the Company’s leased real property in Concord, MA. The Company expects to adopt this standard during its 2020 fiscal year. Other recent accounting pronouncements were issued by the FASB (including its Emerging Issues Task Force) and the SEC during the first nine months of the Company’s 2019 fiscal year but such pronouncements are not believed by management to have a material impact on the Company’s present or future financial statements . |
Note 3 - Revenue
Note 3 - Revenue | 9 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 3. Revenue The following table presents the Company’s revenues disaggregated by revenue type for the three nine June 29, 2019 June 30, 2018: June 29, 2019 June 30, 2018 3 months 9 months 3 months 9 months Engineering services $ 952,603 $ 2,819,676 $ 758,670 $ 2,218,375 Equipment sales 282,060 1,455,799 148,507 329,297 Total $ 1,234,663 $ 4,275,475 $ 907,177 $ 2,547,672 Engineering services revenue consists of funded research and development and technology development for commercial companies and government agencies primarily under fixed-price contracts. The Company also derives revenue from developing and designing custom cryptographic solutions for customers’ unique secure voice, data and video communications requirements and integrating such solutions into existing systems. These contracts can vary but typically call for fixed monthly payments or payments due upon meeting certain milestones. Customers are billed monthly or upon achieving the milestone and payments are due on a net basis after the billing date. Equipment sales revenue consists of sales of communications security equipment for voice, data and video networks for military, government and corporate/industrial applications. Equipment sales are billed to the customer upon shipment with typical payment terms requiring a down payment at the time of order with the balance due prior to shipment. For government and certain long term customers, we may Remaining Performance Obligations Remaining performance obligations represent the aggregate transaction price allocated to performance obligations with an original contract term greater than one one As of June 29, 2019, $337,939, three Contract Balances The timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables (contract assets), deferred revenue, customer deposits and billings in excess of revenue recognized (contract liabilities) on the consolidated balance sheets. Contract assets may September 29, 2018 $532,493. no June 29, 2019. nine June 29, 2019 no three nine June 29, 2019. Contract liabilities June 29, 2019 606 September 30, 2018, $337,939 $2,106,514, $2,106,514 nine June 29, 2019 September 29, 2018. three June 29, 2019 |
Note 4 - Inventories
Note 4 - Inventories | 9 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4. Inventories Inventories consisted of the following: June 29, 2019 September 29, 2018 Finished goods $ 25,698 $ - Work in process 20,184 356,278 Raw materials 1,036,456 1,012,418 $ 1,082,338 $ 1,368,696 |
Note 5 - Income Taxes
Note 5 - Income Taxes | 9 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 5. Income Taxes The Company has not nine June 29, 2019 June 30, 2018 not On December 22, 2017, 35% 21%, January 1, 2018. no 10 |
Note 6 - Loss Per Share
Note 6 - Loss Per Share | 9 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 6. Loss Per Share Outstanding potentially dilutive stock options, which were not 231,337 June 29, 2019 201,037 June 30, 2018. |
Note 7 - Major Customers and Ex
Note 7 - Major Customers and Export Sales | 9 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 7. Major Customers and Export Sales During the three June 29, 2019, two 99% 77% 22%, three June 30, 2018, one 97% nine June 29, 2019, two 88% 66% 22%, nine June 30, 2018, one 87% A breakdown of foreign and domestic net revenue for first three nine 2019 2018 June 29, 2019 June 30, 2018 3 months 9 months 3 months 9 months Domestic $ 1,232,187 $ 4,076,652 $ 832,441 $ 2,343,878 Foreign 2,475 198,823 74,736 203,794 Total net revenue $ 1,234,662 $ 4,275,475 $ 907,177 $ 2,547,672 The Company sold products into one three June 29, 2019 two three June 30, 2018. four nine June 29, 2019 June 30, 2018. may June 29, 2019 June 30, 2018 3 months 9 months 3 months 9 months Saudi Arabia - 57 % 73 % 44 % Egypt - 37 % - - Philippines - 5 % 27 % 44 % Jordan - - - 6 % Other 100 % 1 % - 6 % A summary of foreign revenue, as a percentage of total foreign revenue by geographic area, is as follows: June 29, 2019 June 30, 2018 3 months 9 months 3 months 9 months Mid-East and Africa 100 % 95 % 73 % 56 % Far East - 5 % 27 % 44 % |
Note 8 - Cash Equivalents and M
Note 8 - Cash Equivalents and Marketable Securities | 9 Months Ended |
Jun. 29, 2019 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | NOTE 8. Cash Equivalents and Marketable Securities The Company considers all highly liquid instruments with an original maturity of three 320, Investments—Debt and Equity Securities. one Available for sale securities are carried at fair value, with unrealized holding gains and losses reported in stockholders’ equity as a separate component of accumulated other comprehensive income (loss). Held to maturity securities, of which there were none June 29, 2019 September 29, 2018, As of June 29, 2019, Gross Unrealized Estimated Cost Gains Losses Fair Value Money market mutual funds $ 432,363 $ - $ - $ 432,363 As of September 29, 2018, Gross Unrealized Estimated Cost Gains Losses Fair Value Money market mutual funds $ 1,020,039 $ - $ - $ 1,020,039 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Jun. 29, 2019 | |
Accounting Policies [Abstract] | |
Revenue from Contract with Customer [Policy Text Block] | Accounting Standards Recently Adopted - Revenue In May 2014, No. 2014 09, Revenue from Contracts with Customers (Topic 606 606, 606”. 606 On September 30, 2018, 606 September 30, 2018 606, not 605, Revenue Recognition. The adoption of ASC 606 not three nine June 29, 2019 not 606 not 3 606. The Company’s products consist of communications security solutions for critical voice, data and video networks for military, government and corporate/industrial applications. The Company derives revenue primarily from the sale of secure communications equipment and the provision of long-term engineering services. The Company’s typical contracts with customers do not Revenue from long-term contracts for engineering services is generally recognized based upon the cost-to-cost measure of progress, provided appropriately reflects the value to the customer. Equipment sales revenue is recognized when control of the promised products is transferred to the Company’s customer, in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those products or services (the transaction price). For product sales, control transfers to the customer at a point in time. To indicate the transfer of control, the Company must have a present right to payment, legal title must have passed to the customer, the customer must have the significant risks and rewards of ownership and, where acceptance is not not not Costs to Obtain and Fulfill a Contract The guidance in FASB ASC 340 40, Other Assets and Deferred Costs – Contracts with Customers 606. |
Inventory, Policy [Policy Text Block] | Inventories The Company values its inventory at the lower of cost (based on the first first may |
Receivable [Policy Text Block] | Accounts Receivable Accounts receivable are reduced by an allowance for amounts that may no may In addition, if the Company becomes aware of a customer’s inability to meet its financial obligations, a specific write-off is recorded in that amount. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Measurements In determining fair value measurements, the Company follows the provisions of FASB ASC 820, Fair Value Measurements and Disclosures 820 three June 29, 2019 September 29, 2018, The three Level 1 - Pricing inputs are quoted prices available in active markets for identical assets or liabilities as of the measurement date. Level 2 - Pricing inputs are quoted prices for similar assets or liabilities, or inputs that are observable, either directly or indirectly, for substantially the full term through corroboration with observable market data. Level 3 - Pricing inputs are unobservable for the assets or liabilities, that is, inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. In certain cases, the inputs used to measure fair value may The Company’s available for sale securities consist of mutual funds held in money market funds in a brokerage account, which are classified as cash equivalents and measured at fair value. The Company historically also has had held to maturity securities, comprised of investments in municipal bonds and carried at amortized cost, although TCC did not June 29, 2019 September 29, 2018. The Company assesses the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Company’s accounting policy regarding the recognition of transfers between levels of the fair value hierarchy. During the nine June 29, 2019 September 29, 2018, no The following table sets forth by level, within the fair value hierarchy, the assets measured at fair value on a recurring basis as of June 29, 2019 September 29, 2018, June 29, 2019 September 29, 2018, not 2 3. Total Quoted Prices in June 29, 2019 Cash Equivalents Mutual funds: Money market funds $ 432,363 $ 432,363 Total mutual funds 432,363 432,363 Total assets $ 432,363 $ 432,363 September 29, 2018 Cash Equivalents Mutual funds: Money market funds $ 1,020,039 $ 1,020,039 Total mutual funds 1,020,039 1,020,039 Total assets $ 1,020,039 $ 1,020,039 There were no June 29, 2019 September 29, 2018. |
Compensation Related Costs, Policy [Policy Text Block] | Stock-Based Compensation The following table summarizes stock-based compensation costs included in the Company’s consolidated statements of operations for the three nine June 29, 2019 June 30, 2018: June 29, 2019 June 30, 2018 3 months 9 months 3 months 9 months Selling, general and administrative expenses $ 24,461 39,644 $ 7,596 17,352 Product development expenses 1,035 3,436 356 1,064 Total share-based compensation expense before taxes $ 25,496 $ 43,080 $ 7,952 $ 18,416 As of June 29, 2019, $160,187 June 29, 2019, 3.8 As of June 29, 2019, 193,863 2010 2005 no The following table summarizes stock option activity during the first nine 2019: Options Outstanding Number of Shares Weighted Average Weighted Average Unvested Vested Total Exercise Price (in years) Outstanding, September 29, 2018 44,700 182,437 227,137 $ 8.50 3.76 Grants - - - Vested - - - Cancellations/forfeitures - (3,500 ) (3,500 ) 4.95 Outstanding, December 29, 2018 44,700 178,937 223,637 $ 8.50 3.51 Grants - - - Vested (6,300 ) 6,300 - Cancellations/forfeitures - (8,500 ) (8,500 ) 4.92 Outstanding, March 30, 2019 38,400 176,737 215,137 $ 8.70 3.45 Grants 34,500 6,000 40,500 3.58 Vested (2,400 ) 2,400 - Cancellations/forfeitures - (24,300 ) (24,300 ) 6.89 Outstanding, June 29, 2019 70,500 160,837 231,337 $ 8.00 4.24 Information related to the stock options vested and expected to vest as of June 29, 2019 Range of Number of Weighted-Average Weighted Exercisable Exercisable $2.01 - $3.00 20,300 7.14 $ 2.69 9,800 $ 2.73 $3.01 - $4.00 46,500 9.78 3.61 7,200 3.61 $4.01 - $5.00 16,600 4.98 4.34 14,100 4.36 $5.01 - $10.00 37,000 4.45 7.75 28,600 7.89 $10.01 - $15.00 110,937 1.21 11.44 110,937 11.44 231,337 4.24 $ 8.00 170,637 $ 9.43 The aggregate intrinsic value of the Company’s “in-the-money” outstanding and exercisable options as of June 29, 2019 June 30, 2018 $15,390 $15,270, |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements ASU No. 2016 02, In February 2016, No. 2016 02, Leases December 15, 2018, and believes that the most notable impact to the financial statements upon adoption will be the recognition of a right-of-use asset and a lease liability for the Company’s leased real 2020 Other recent accounting pronouncements were issued by the FASB (including its Emerging Issues Task Force) and the SEC during the first nine 2019 not |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies and Significant Judgments and Estimates (Tables) | 9 Months Ended |
Jun. 29, 2019 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Total Quoted Prices in June 29, 2019 Cash Equivalents Mutual funds: Money market funds $ 432,363 $ 432,363 Total mutual funds 432,363 432,363 Total assets $ 432,363 $ 432,363 September 29, 2018 Cash Equivalents Mutual funds: Money market funds $ 1,020,039 $ 1,020,039 Total mutual funds 1,020,039 1,020,039 Total assets $ 1,020,039 $ 1,020,039 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | June 29, 2019 June 30, 2018 3 months 9 months 3 months 9 months Selling, general and administrative expenses $ 24,461 39,644 $ 7,596 17,352 Product development expenses 1,035 3,436 356 1,064 Total share-based compensation expense before taxes $ 25,496 $ 43,080 $ 7,952 $ 18,416 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options Outstanding Number of Shares Weighted Average Weighted Average Unvested Vested Total Exercise Price (in years) Outstanding, September 29, 2018 44,700 182,437 227,137 $ 8.50 3.76 Grants - - - Vested - - - Cancellations/forfeitures - (3,500 ) (3,500 ) 4.95 Outstanding, December 29, 2018 44,700 178,937 223,637 $ 8.50 3.51 Grants - - - Vested (6,300 ) 6,300 - Cancellations/forfeitures - (8,500 ) (8,500 ) 4.92 Outstanding, March 30, 2019 38,400 176,737 215,137 $ 8.70 3.45 Grants 34,500 6,000 40,500 3.58 Vested (2,400 ) 2,400 - Cancellations/forfeitures - (24,300 ) (24,300 ) 6.89 Outstanding, June 29, 2019 70,500 160,837 231,337 $ 8.00 4.24 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | Range of Exercise Prices Number of Shares Weighted-Average Remaining Contractual Life (years) Weighted Average Exercise Price Exercisable Number of Shares Exercisable Weighted- Average Exercise Price $2.01 - $3.00 20,300 7.14 $ 2.69 9,800 $ 2.73 $3.01 - $4.00 46,500 9.78 3.61 7,200 3.61 $4.01 - $5.00 16,600 4.98 4.34 14,100 4.36 $5.01 - $10.00 37,000 4.45 7.75 28,600 7.89 $10.01 - $15.00 110,937 1.21 11.44 110,937 11.44 231,337 4.24 $ 8.00 170,637 $ 9.43 |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 9 Months Ended |
Jun. 29, 2019 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | June 29, 2019 June 30, 2018 3 months 9 months 3 months 9 months Engineering services $ 952,603 $ 2,819,676 $ 758,670 $ 2,218,375 Equipment sales 282,060 1,455,799 148,507 329,297 Total $ 1,234,663 $ 4,275,475 $ 907,177 $ 2,547,672 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 9 Months Ended |
Jun. 29, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 29, 2019 September 29, 2018 Finished goods $ 25,698 $ - Work in process 20,184 356,278 Raw materials 1,036,456 1,012,418 $ 1,082,338 $ 1,368,696 |
Note 7 - Major Customers and _2
Note 7 - Major Customers and Export Sales (Tables) | 9 Months Ended |
Jun. 29, 2019 | |
Notes Tables | |
Revenue from External Customers by Geographic Areas [Table Text Block] | June 29, 2019 June 30, 2018 3 months 9 months 3 months 9 months Domestic $ 1,232,187 $ 4,076,652 $ 832,441 $ 2,343,878 Foreign 2,475 198,823 74,736 203,794 Total net revenue $ 1,234,662 $ 4,275,475 $ 907,177 $ 2,547,672 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | June 29, 2019 June 30, 2018 3 months 9 months 3 months 9 months Saudi Arabia - 57 % 73 % 44 % Egypt - 37 % - - Philippines - 5 % 27 % 44 % Jordan - - - 6 % Other 100 % 1 % - 6 % June 29, 2019 June 30, 2018 3 months 9 months 3 months 9 months Mid-East and Africa 100 % 95 % 73 % 56 % Far East - 5 % 27 % 44 % |
Note 8 - Cash Equivalents and_2
Note 8 - Cash Equivalents and Marketable Securities (Tables) | 9 Months Ended |
Jun. 29, 2019 | |
Notes Tables | |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Gross Unrealized Estimated Cost Gains Losses Fair Value Money market mutual funds $ 432,363 $ - $ - $ 432,363 Gross Unrealized Estimated Cost Gains Losses Fair Value Money market mutual funds $ 1,020,039 $ - $ - $ 1,020,039 |
Note 1 - Description of the B_2
Note 1 - Description of the Business and Basis of Presentation (Details Textual) - USD ($) | Jun. 29, 2019 | Sep. 29, 2018 |
Retained Earnings (Accumulated Deficit), Ending Balance | $ (3,187,304) | $ (2,786,356) |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies and Significant Judgments and Estimates (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Jun. 29, 2019 | Sep. 29, 2018 | Jun. 30, 2018 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 0 | $ 0 | ||||
Debt Securities, Held-to-maturity, Total | $ 0 | $ 0 | $ 0 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 34,500 | 10 | ||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 160,187 | $ 160,187 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 3 years 292 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 15,390 | $ 15,390 | $ 15,270 | |||
Deferred Tax Assets, Valuation Allowance, Total | $ 4,000,000 | |||||
Fair Value, Nonrecurring [Member] | ||||||
Assets, Fair Value Disclosure | $ 0 | $ 0 | 0 | |||
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | |||||
Equity Incentive Plan 2010 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 193,863 | 193,863 | ||||
Fair Value, Inputs, Level 2 [Member] | ||||||
Assets, Fair Value Disclosure | $ 0 | $ 0 | 0 | |||
Fair Value, Inputs, Level 3 [Member] | ||||||
Assets, Fair Value Disclosure | $ 0 | $ 0 | $ 0 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies and Significant Judgments and Estimates - Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) | Jun. 29, 2019 | Sep. 29, 2018 |
Cash Equivalents | $ 432,363 | $ 1,020,039 |
Total assets | 432,363 | 1,020,039 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash Equivalents | 432,363 | 1,020,039 |
Total assets | 432,363 | 1,020,039 |
Money Market Funds [Member] | ||
Cash Equivalents | 432,363 | 1,020,039 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash Equivalents | $ 432,363 | $ 1,020,039 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies and Significant Judgments and Estimates - Stock-based Compensation Costs (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Total stock-based compensation expense before taxes | $ 25,496 | $ 7,952 | $ 43,080 | $ 18,416 |
Selling, General and Administrative Expenses [Member] | ||||
Total stock-based compensation expense before taxes | 24,461 | 7,596 | 39,644 | 17,352 |
Product Development Expenses [Member] | ||||
Total stock-based compensation expense before taxes | $ 1,035 | $ 356 | $ 3,436 | $ 1,064 |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies and Significant Judgments and Estimates - Stock Option Activity (Details) - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 29, 2019 | Mar. 30, 2019 | Dec. 29, 2018 | Jun. 29, 2019 | Sep. 29, 2018 | |
Outstanding, unvested (in shares) | 38,400 | 44,700 | 44,700 | 44,700 | |
Outstanding, vested (in shares) | 176,737 | 178,937 | 182,437 | 182,437 | |
Outstanding (in shares) | 215,137 | 223,637 | 227,137 | 227,137 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 8.70 | $ 8.50 | $ 8.50 | $ 8.50 | |
Outstanding, weighted average contractual life (Year) | 4 years 87 days | 3 years 164 days | 3 years 186 days | 3 years 277 days | |
Grants, unvested (in shares) | 34,500 | 10 | |||
Grants, vested (in shares) | 6,000 | ||||
Grants, weighted average exercise price (in dollars per share) | $ 3.58 | ||||
Vested, unvested (in shares) | (2,400) | (6,300) | |||
Vested, vested (in shares) | 2,400 | 6,300 | |||
Vested, weighted average exercise price (in dollars per share) | |||||
Cancellations/forfeitures, unvested (in shares) | |||||
Cancellations/forfeitures, vested (in shares) | 24,300 | 8,500 | (3,500) | ||
Cancellations/forfeitures (in shares) | (24,300) | (8,500) | (3,500) | ||
Cancellations/forfeitures, weighted average exercise price (in dollars per share) | $ 6.89 | $ 4.92 | $ 4.95 | ||
Cancellations/forfeitures, vested (in shares) | (24,300) | (8,500) | 3,500 | ||
Outstanding (in shares) | 231,337 | 215,137 | 223,637 | 231,337 | 227,137 |
Grants (in shares) | 40,500 | ||||
Outstanding, unvested (in shares) | 70,500 | 38,400 | 44,700 | 70,500 | 44,700 |
Outstanding, vested (in shares) | 160,837 | 176,737 | 178,937 | 160,837 | 182,437 |
Outstanding (in shares) | 215,137 | 223,637 | 227,137 | 227,137 | 227,137 |
Outstanding, weighted average exercise price (in dollars per share) | $ 8 | $ 8.70 | $ 8.50 | $ 8 | $ 8.50 |
Note 2 - Summary of Significa_7
Note 2 - Summary of Significant Accounting Policies and Significant Judgments and Estimates - Stock Options Vested and Expected to Vest (Details) | 9 Months Ended |
Jun. 29, 2019$ / sharesshares | |
Number of shares (in shares) | shares | 231,337 |
Weighted-average remaining contractual life (Year) | 4 years 87 days |
Weighted average exercise price (in dollars per share) | $ 8 |
Exercisable number of shares (in shares) | shares | 170,637 |
Exercisable weighted- average exercise price (in dollars per share) | $ 9.43 |
Range One [Member] | |
Range of exercise prices, lower (in dollars per share) | 2.01 |
Range of exercise prices, upper (in dollars per share) | $ 3 |
Number of shares (in shares) | shares | 20,300 |
Weighted-average remaining contractual life (Year) | 7 years 51 days |
Weighted average exercise price (in dollars per share) | $ 2.69 |
Exercisable number of shares (in shares) | shares | 9,800 |
Exercisable weighted- average exercise price (in dollars per share) | $ 2.73 |
Range Two [Member] | |
Range of exercise prices, lower (in dollars per share) | 3.01 |
Range of exercise prices, upper (in dollars per share) | $ 4 |
Number of shares (in shares) | shares | 46,500 |
Weighted-average remaining contractual life (Year) | 9 years 284 days |
Weighted average exercise price (in dollars per share) | $ 3.61 |
Exercisable number of shares (in shares) | shares | 7,200 |
Exercisable weighted- average exercise price (in dollars per share) | $ 3.61 |
Range Three [Member] | |
Range of exercise prices, lower (in dollars per share) | 4.01 |
Range of exercise prices, upper (in dollars per share) | $ 5 |
Number of shares (in shares) | shares | 16,600 |
Weighted-average remaining contractual life (Year) | 4 years 357 days |
Weighted average exercise price (in dollars per share) | $ 4.34 |
Exercisable number of shares (in shares) | shares | 14,100 |
Exercisable weighted- average exercise price (in dollars per share) | $ 4.36 |
Range Four [Member] | |
Range of exercise prices, lower (in dollars per share) | 5.01 |
Range of exercise prices, upper (in dollars per share) | $ 10 |
Number of shares (in shares) | shares | 37,000 |
Weighted-average remaining contractual life (Year) | 4 years 164 days |
Weighted average exercise price (in dollars per share) | $ 7.75 |
Exercisable number of shares (in shares) | shares | 28,600 |
Exercisable weighted- average exercise price (in dollars per share) | $ 7.89 |
Range Five [Member] | |
Range of exercise prices, lower (in dollars per share) | 10.01 |
Range of exercise prices, upper (in dollars per share) | $ 15 |
Number of shares (in shares) | shares | 110,937 |
Weighted-average remaining contractual life (Year) | 1 year 76 days |
Weighted average exercise price (in dollars per share) | $ 11.44 |
Exercisable number of shares (in shares) | shares | 110,937 |
Exercisable weighted- average exercise price (in dollars per share) | $ 11.44 |
Note 3 - Revenue 1 (Details Tex
Note 3 - Revenue 1 (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
Jun. 29, 2019 | Jun. 29, 2019 | Jun. 30, 2018 | Mar. 30, 2019 | Jun. 29, 2019 | Jun. 30, 2018 | Sep. 29, 2019 | Sep. 30, 2018 | Sep. 29, 2018 | |
Contract with Customer, Asset, Net, Current, Total | $ 0 | ||||||||
Contract with Customer, Liability, Current | $ 337,939 | $ 337,939 | $ 337,939 | $ 2,106,514 | $ 2,106,514 | ||||
Revenue from Contract with Customer, Including Assessed Tax | 1,234,662 | 1,234,663 | $ 907,177 | 4,275,475 | $ 2,547,672 | ||||
Engineering Services [Member] | |||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 952,602 | $ 952,603 | $ 758,670 | $ 2,106,514 | $ 2,819,676 | $ 2,218,375 | |||
Accounts Receivable [Member] | |||||||||
Contract with Customer, Asset, Net, Current, Total | $ 532,493 |
Note 3 - Revenue 2 (Details Tex
Note 3 - Revenue 2 (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-06-30 | Jun. 29, 2019USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 337,939 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 90 days |
Note 3 - Revenue - Disaggregati
Note 3 - Revenue - Disaggregation By Revenue (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Jun. 29, 2019 | Jun. 29, 2019 | Jun. 30, 2018 | Mar. 30, 2019 | Jun. 29, 2019 | Jun. 30, 2018 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 1,234,662 | $ 1,234,663 | $ 907,177 | $ 4,275,475 | $ 2,547,672 | |
Engineering Services [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | 952,602 | 952,603 | 758,670 | $ 2,106,514 | 2,819,676 | 2,218,375 |
Equipment Sales [Member] | ||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 282,060 | $ 282,060 | $ 148,507 | $ 1,455,799 | $ 329,297 |
Note 4 - Inventories - Schedule
Note 4 - Inventories - Schedule of Inventory (Details) - USD ($) | Jun. 29, 2019 | Sep. 29, 2018 |
Finished goods | $ 25,698 | |
Work in process | 20,184 | 356,278 |
Raw materials | 1,036,456 | 1,012,418 |
$ 1,082,338 | $ 1,368,696 |
Note 5 - Income Taxes (Details
Note 5 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Income Tax Expense (Benefit), Total | $ 0 | $ 0 |
Note 6 - Loss Per Share (Detail
Note 6 - Loss Per Share (Details Textual) - shares | 9 Months Ended | |
Jun. 29, 2019 | Jun. 30, 2018 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 231,337 | 201,037 |
Note 7 - Major Customers and _3
Note 7 - Major Customers and Export Sales (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Number of Countries in Which Products are Sold | 2 | 4 | 4 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||||
Number of Major Customers | 2 | 1 | 2 | 1 |
Concentration Risk, Percentage | 99.00% | 88.00% | ||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | One Customer [Member] | ||||
Concentration Risk, Percentage | 77.00% | 97.00% | 66.00% | 87.00% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Two Customer [Member] | ||||
Concentration Risk, Percentage | 22.00% | 22.00% |
Note 7 - Major Customers and _4
Note 7 - Major Customers and Export Sales - Foreign and Domestic Net Sales (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Jun. 29, 2019 | Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 1,234,662 | $ 1,234,663 | $ 907,177 | $ 4,275,475 | $ 2,547,672 |
Domestic [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 1,232,187 | 832,441 | 4,076,652 | 2,343,878 | |
Foreign [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | $ 2,475 | $ 74,736 | $ 198,823 | $ 203,794 |
Note 7 - Major Customers and _5
Note 7 - Major Customers and Export Sales - Foreign Revenue (Details) | 3 Months Ended | 9 Months Ended | ||
Jun. 29, 2019 | Jun. 30, 2018 | Jun. 29, 2019 | Jun. 30, 2018 | |
PHILIPPINES | ||||
Saudi Arabia | 73.00% | 57.00% | 44.00% | |
Mid-East and Africa [Member] | ||||
Foreign revenue by geographical area | 100.00% | 73.00% | 95.00% | 56.00% |
SAUDI ARABIA | ||||
Saudi Arabia | 37.00% | |||
Far East [Member] | ||||
Foreign revenue by geographical area | 27.00% | 5.00% | 44.00% | |
JORDAN | ||||
Saudi Arabia | 27.00% | 5.00% | 44.00% | |
EGYPT | ||||
Saudi Arabia | 6.00% | |||
Other Foreign Countries [Member] | ||||
Saudi Arabia | 100.00% | 1.00% | 6.00% |
Note 8 - Cash Equivalents and_3
Note 8 - Cash Equivalents and Marketable Securities (Details Textual) - USD ($) | Jun. 29, 2019 | Sep. 29, 2018 |
Debt Securities, Held-to-maturity, Total | $ 0 | $ 0 |
Note 8 - Cash Equivalents and_4
Note 8 - Cash Equivalents and Marketable Securities - Available for Sale Securities (Details) - Money Market Funds [Member] - USD ($) | Jun. 29, 2019 | Sep. 29, 2018 |
Available for sale, cost | $ 432,363 | $ 1,020,039 |
Available for sale, gains | ||
Available for sale, losses | ||
Available for sale, estimated fair value | $ 432,363 | $ 1,020,039 |